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Spain's Tesoro Publico will...>

SPAIN AUCTION PREVIEW
SPAIN AUCTION PREVIEW: Spain's Tesoro Publico will re-open the Nov 16, 2018
letra and May 10, 2019 letra today for a combined total of E1.0-2.0bln.
- RV: The 3-month Nov 16,2018 letra trades at a yield of -0.507%, down from a
YTD high of -0.255% on May-29 and trading 15bps outside of 3m EONIA. Meanwhile,
the 9-month May 20, 2018 trades at -0.424%, towards the bottom end of the YTD
range and 7bps above 9m EONIA.
- HISTORY: For comparative purposes at the last 3-month auction on Jul-17,
E0.735mn was allotted at an average yield of -0.470% and with a cover ratio of
3.44x. At the last 9-month auction, the Tesoro allotted E1.765bn at an average
yield of -0.387% and cover ratio of 3.36x.
- REDEMPTION: There is E9.5bln in redemptions this week which will leave net
cash flow positive at around E1.5bln.
- TIMING: Results are due to be announced at around 0840GMT.

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